Daily Market Update 8/13/14

Rates were little changed Wednesday.  In economic news, July Retail Sales were flat, below the consensus forecast of +0.2%.  Retail Sales excluding autos also fell short of expectations.  The Mortgage Bankers Association weekly purchase activity index fell 1%, while the refinancing activity index declined by 4%.  Average reported conventional 30-year fixed rates were unchanged at 4.35%, not including fees.  Results from today’s 10-year Treasury auction will be released at 1:00 PM.

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